Neue Erkenntnisse zur Stimmrechtsprämie in Deutschland

Jaron, Martin (December 2009): Neue Erkenntnisse zur Stimmrechtsprämie in Deutschland. Discussion Papers in Business Administration 2009-16

Abstract

Nach Miller (1977) führt eine erhöhte Sichtbarkeit für Aktien tendenziell zu einem Preisanstieg, da die Nachfrage potentieller Investoren in Abwesenheit von Leerverkäufen auf ein limitiertes Angebot trifft. Die Visibility-Hypothese wird in der vorliegenden Studie anhand des Indexeffekts der Stimmrechtsprämie in Deutschland für den Zeitraum 1995-2007 überprüft und traditionellen Erklärungsdeterminanten gegenübergestellt. Das relative Shapley-Maß deutet in Anlehnung an Zingales (1995) auf einen Anteil privater Kontrollrenten am Wert der Unternehmens-Cashflows von rund 11% hin. Die Indexzugehörigkeit der Stammaktien (Vorzugsaktien) im DAX, MDAX oder SDAX erhöht (reduziert) die Stimmrechtsprämie im Durchschnitt um 13 (10) Prozentpunkte. Der Effekt fällt mit 16 (13) Prozentpunkten für die Periode von 1999-2007 noch deutlicher aus. Die Visibility-Hypothese scheint die Zusammenhänge insgesamt besser abbilden zu können als ein rein liquiditätsbasierter Ansatz. Entgegen der Effizienzmarkthypothese sprechen die Ergebnisse für langfristig negativ geneigte Nachfragekurven und die Preiseinflussnahme eines „Disagreements“ unter den Investoren.

• Item Type: Paper
• Keywords: Stimmrechtsprämie, Dual-Class Shares, Visibility-Hypothese
• Faculties: Munich School of Management; Munich School of Management > Discussion Papers; Munich School of Management > Discussion Papers > Finance & Banking
• Subjects: 300 Social sciences > 300 Social sciences, sociology and anthropology; 300 Social sciences > 330 Economics
• JEL Classification: G12, G14
• Language: German

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